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Joint production, inventory rationing, and order admission control of a stochastic manufacturing system with setups

Ioannidis Efstratios, Xanthopoulos Alexandros S., Sarantis Ioannis, Koulouriotis Dimitrios E.

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URIhttp://purl.tuc.gr/dl/dias/11DA64B0-4F75-47E8-9D3F-D641B41179C3-
Identifierhttps://doi.org/10.1007/s12351-019-00465-5-
Identifierhttps://link.springer.com/article/10.1007/s12351-019-00465-5-
Languageen-
Extent29 pagesen
TitleJoint production, inventory rationing, and order admission control of a stochastic manufacturing system with setupsen
CreatorIoannidis Efstratiosen
CreatorΙωαννιδης Ευστρατιοςel
CreatorXanthopoulos Alexandros S.en
CreatorSarantis Ioannisen
CreatorΣαραντης Ιωαννηςel
CreatorKoulouriotis Dimitrios E.en
PublisherSpringeren
Content SummaryIn this paper, we examine a single-stage, manufacturing system with setups, which produces a single part type to satisfy demand from two customer classes. We address the problem of coordinating production control, stock rationing, and order admission decisions. The optimal policy, in respect to minimizing holding, backorder, lost sales, and setup costs, is derived by formulating the underlying problem as a Markov Decision Process and solving it by means of Dynamic Programming. The structure of the optimal policy is investigated numerically and, on that basis, a parametric control policy is proposed. The Markov chain model of the single-machine manufacturing system, operating under the proposed policy, is developed. Furthermore, analytical expressions of the steady-state probabilities and of the expected total cost are obtained. The proposed policy is compared to the optimal, as well as to three heuristics, in an extended series of experiments. The numerical results indicate that the proposed policy is a very good approximation of the optimal one, and that it largely outperforms the alternative control policies.en
Type of ItemPeer-Reviewed Journal Publicationen
Type of ItemΔημοσίευση σε Περιοδικό με Κριτέςel
Licensehttp://creativecommons.org/licenses/by/4.0/en
Date of Item2022-11-23-
Date of Publication2021-
SubjectInventory controlen
SubjectMarkov modellingen
SubjectProduction controlen
SubjectDynamic programmingen
SubjectOrder admissionen
Bibliographic CitationS. Ioannidis, A. S. Xanthopoulos, I. Sarantis, and D. E. Koulouriotis, “Joint production, inventory rationing, and order admission control of a stochastic manufacturing system with setups,” Oper. Res. Int. J., vol. 21, no. 2, pp. 827–855, June 2021, doi: 10.1007/s12351-019-00465-5.en

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